Accretive to restate financial statements
BY SANDRA GUY Business Reporter firstname.lastname@example.org March 5, 2013 1:02PM
Shares of Chicago-based Accretive Health Inc. held steady Tuesday, edging up 0.85 percent, or 8 cents in mid-day trading, after the medical debt collection company said it will restate its financial statements and miss its annual report filing deadline.
The company made its decision after its board met with its auditing firm, Ernst & Young LLP, and said it will detail its decision in a new filing by Friday.
Accretive did not say how far back it will restate its financial results, but said the restatements will have no impact on total revenue recognized “over the life of a contract or the timing or magnitude of cash flow from operations.”
The stock closed Monday at $9.40, down 0.42 percent, before the restatement decision was made public. The stock stood at $9.46 at mid-day Tuesday.